Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery gained 54 ringgit or 1.16% to $4,696 ringgit (1,055.76) per ton. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours.
Palm oil prices rise on the strength of rival oils, and a possible increase in export taxes.
The price of Malaysian palm oils futures rose on Monday due to stronger oil prices and the expectation that Indonesia may raise its palm oil export taxes in December. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange gained 90 ringgit or 1.94% to 4,732 Ringgit ($1,062.89) per metric ton at the midday break. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours. He said…
Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus
The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that the OML 55 operations were stopped in 2021 because of rampant thefts from the delivery line leading to Bonny. The company claims that the block has five oilfields, which produce 14,000 barrels of crude oil per day.
Palm oil hits a three-week low, as other oils fall and India considers a duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market fell 53 ringgit (1.36%) to 3,848 Ringgit ($888.07). The market is buzzing about rumours of an increase in import duties in India. "People are expecting a hike in all edible oils, which will have an impact on palm oil price," said a Mumbai trader.
Palm oil hits 3-week low, rival oils also fall as India considers duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for November delivery was down 46 Ringgit or 1.18% at 3,855 Ringgit ($890.09) per metric ton. The market is buzzing about a possible increase in import duties for India. "People are expecting the increase on all edible oil soon, which could impact palm oil prices more," said a Mumbai trader.
Palm oil to gain for the first time in three months
The price of palm oil futures in Malaysia rose on Friday, and was set to rise for the first time monthly in three months. This was boosted by higher rival oil contracts. Traders were also waiting on news from Indonesia and India regarding export and import tax. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery rose 50 ringgit or 1.27% to $3,990 ringgit ($925.75). The contract is up 3.18% this week and 2.1% in the last month. Lingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the palm market tracks the rise in Chicago oil and Dalian oils.
Palm oil prices fall as India's import tax worries counteract weak supply prospects
Malaysian palm futures closed lower on Wednesday, as fears over higher import taxes from India, the top buyer of vegetable oil in the world, outweighed the weaker outlook for supply from Indonesia, the top producer. The benchmark contract for palm oil for November delivery at the Bursa Derivatives exchange fell 3 ringgit or 0.08% to 3,920 ringgit (US$903.23) per metric tonne, for a second session in a row. Two government sources told reporters on Wednesday that India may raise import taxes on vegetable oil to protect farmers from falling prices of oilseeds. The announcement is expected to take place in the next few weeks.
Palm oil prices rebound on Indonesian supply concerns and biodiesel hope
Malaysian palm futures rose on Wednesday. This was boosted by a more positive outlook for the supply in Indonesia, and optimism about the plan of the country's top producer to increase its biodiesel requirement. The benchmark palm-oil contract for November delivery at the Bursa Derivatives exchange rose 13 ringgit or 0.33% to 3,936 Ringgit ($906.49) per metric ton. This was the fifth rise in six sessions before the midday break. Mitesh Saiya is the trading manager of Mumbai-based trading company Kantilal Laxmichand & Co.
Palm oil continues to gain on Indonesian supply outlook and biodiesel plans
The price of palm oil in Malaysia rose for the fifth day running on Tuesday. It was its biggest rally in six week amid expectations that supply would tighten and Indonesian plans to increase biodiesel blend rates. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.71% at 3,952 Ringgit ($908.92) per metric ton. Anilkumar bagani, head of research at Mumbai-based Sunvin Group's vegetable oils brokerage, cited a Bloomberg article, to support the prices. The Indonesian Palm Oil…
Palm oil reaches a two-week high amid muted Indonesian supply outlook
The price of Malaysian palm oils futures reached a new two-week high Wednesday. This was boosted by the prospect of a weakening in supply from Indonesia, the world's biggest producer. However, softer data on exports capped gains. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market closed up 39 Ringgit or 1.05% at $3,754 ringgit (US$858.06) per metric ton. The contract reached an intraday maximum of 3776 Ringgit, its highest level since August 6. The palm oil price is uncompetitive against soft oils due to Indonesian production not meeting expectations.
Palm oil prices rise on weaker Indonesian supply prospects
The price of Malaysian palm oils futures rose on Wednesday due to the prospect of lower supplies in Indonesia, the world's biggest producer, but lacklustre exports restricted gains. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery rose 17 ringgit or 0.46% to 3,732 Ringgit ($853.22) per metric ton. The palm oil price is uncompetitive against soft oils due to Indonesian production not meeting expectations. This is surprising as palm origins are usually at their peak during this time of year.
Palm oil's weekly loss is due to a decline in exports, and competition from rival oils.
Malaysian palm futures reversed gains early on Friday, logging a fourth successive weekly loss as weak exports and softer oil contracts from rivals outweighed the supply pressures of top producer Indonesia. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market closed 16 ringgit lower, or 0.43% at $3,680 Ringgit ($831.07) per metric ton. It fell 1.79% in the last week. Anilkumar bagani, the research head at Mumbai-based Sunvin Group, said that palm oil futures gained strength on expectations of Indonesian palm oil export levies and duties increasing in September.
Saudi Arabian Crude Oil Exports Fall 12%
“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July, Saudi Arabia is aiming to reduce excess supply and support prices,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.According to the EIA (U.S. Energy Information Administration), Saudi Arabian oil production fell to 9.9 mbpd (million barrels per day) in May, a reduction…
Venezuela's PDVSA Freezes Most Oil Exports for Contract Reviews
The new head of Venezuela's state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.Since U.S. trading sanctions were first imposed on PDVSA in 2019, the company has increasingly resorted to little known middlemen to allocate its oil exports, leading to big price discounts and problems with payments affecting its cashflow.The freeze order is leading to port delays…
Guyana's Oil Exports Double, with Europe Taking Half of Cargoes
Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since a consortium led by Exxon Mobil began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according to official figures provided to Reuters.The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021.
US Energy Exports Severely Disrupted by Hurricane Laura
Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas, with shipments on track to fall to their lowest in 18 months.Laura made landfall early Thursday near the Texas-Louisiana border…
NOC Condemns Calls for Oil Export Terminals to be Shut
Libya's state oil firm NOC on Friday condemned calls to shut oil export terminals in eastern Libya controlled by military commander Khalifa Haftar ahead of a summit in Germany where he will face pressure to halt his campaign to take the capital.Tribal leaders in eastern and southern Libya called on Thursday to shut the terminals in protest at what they called the internationally-recognized government in Tripoli's use of oil revenues to pay for foreign fighters.Eastern Libya and part of the south of the country is controlled by the Libya National Army (LNA) of Haftar…
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S. West Texas Intermediate crude was at $63.92 a barrel, up 87 cents, or 1.38%, after touching $64.72, the highest since April.The gains extended Friday's more than 3% surge after a U.S.
Enbridge, Enterprise to Develop GoM Crude Export Terminal
Enbridge Inc and Enterprise Products Partners LP on Monday signed an agreement to jointly develop a deepwater offshore crude oil export terminal in the Gulf of Mexico capable of loading Very Large Crude Carriers.Both pipeline operators will work to finalize an equity participation agreement that would provide Enbridge an option to purchase ownership interest in Enterprise's Sea Port Oil Terminal (SPOT), subject to SPOT receiving a deep-water port license, Enbridge said in a statement.The companies would first jointly develop the SPOT project…
Enterprise Products to Build GoM Crude Terminal
Enterprise Products Partners LP said on Wednesday it expects to take about two years to construct its oil export project called Sea Port Oil Terminal, or SPOT, in the U.S. Gulf of Mexico.Permitting for the terminal was expected to reach the final stages by the end of the first quarter of 2020 and final approval was expected during the second quarter, a company executive said on its second quarter earnings call.Enterprise Products signed long-term agreements with Chevron Corp to support the development of SPOT, which…
